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Keihan HoldingsKeihan Holdings Co.,Ltd.9045東証プライム陸運業FY ending Mar 2026, consolidated, J-GAAP

Keihan Holdings revenue and profit

Out of every ¥100 of sales, about ¥15 is left as operating profit. Revenue changed +6.0% from the prior year, operating profit +16.8%.

Five-year trend

Revenue¥332.5B
FY ending Mar 2022: ¥258.1B¥258.1BFY ending Mar 2023: ¥260.1B¥260.1BFY ending Mar 2024: ¥302.1B¥302.1BFY ending Mar 2025: ¥313.5B¥313.5BFY ending Mar 2026: ¥332.5B¥332.5BFY22FY23FY24FY25FY26
Operating income¥49.2B
FY ending Mar 2022: ¥13.4B¥13.4BFY ending Mar 2023: ¥20.5B¥20.5BFY ending Mar 2024: ¥33.9B¥33.9BFY ending Mar 2025: ¥42.1B¥42.1BFY ending Mar 2026: ¥49.2B¥49.2BFY22FY23FY24FY25FY26
Operating margin14.8%
FY ending Mar 2022: 5.2%5.2%FY ending Mar 2023: 7.9%7.9%FY ending Mar 2024: 11.2%11.2%FY ending Mar 2025: 13.4%13.4%FY ending Mar 2026: 14.8%14.8%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin10.1%
Asset turnover0.38×
ROA3.8%
ROA3.8%
Financial leverage3.29×
ROE12.5%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin10.1%
2022: 3.7%3.7%2023: 6.8%6.8%2024: 8.2%8.2%2025: 9.0%9.0%2026: 10.1%10.1%2223242526
Asset turnover0.38×
2022: 0.35×0.35×2023: 0.34×0.34×2024: 0.38×0.38×2025: 0.37×0.37×2026: 0.38×0.38×2223242526
ROA3.8%
2022: 1.3%1.3%2023: 2.3%2.3%2024: 3.1%3.1%2025: 3.4%3.4%2026: 3.8%3.8%2223242526
Financial leverage3.29×
2022: 3.50×3.50×2023: 3.47×3.47×2024: 3.37×3.37×2025: 3.34×3.34×2026: 3.29×3.29×2223242526
ROE12.5%
2022: 4.6%4.6%2023: 8.1%8.1%2024: 10.5%10.5%2025: 11.2%11.2%2026: 12.5%12.5%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20223.7%0.35×1.3%3.50×4.6%
20236.8%0.34×2.3%3.47×8.1%
20248.2%0.38×3.1%3.37×10.5%
20259.0%0.37×3.4%3.34×11.2%
202610.1%0.38×3.8%3.29×12.5%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue169.7%
2021: 192.2%192.2%2022: 186.6%186.6%2023: 187.1%187.1%2024: 166.3%166.3%2025: 171.7%171.7%2026: 169.7%169.7%212223242526
PPE ÷ total assets62.0%
2021: 63.7%63.7%2022: 65.3%65.3%2023: 62.8%62.8%2024: 61.3%61.3%2025: 62.6%62.6%2026: 62.0%62.0%212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

Receivable days—
2021: 34d34d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue258,118260,070302,147313,546332,471
Cost of revenue—————
Gross profit—————
SG&A40,45243,06145,09849,73353,250
Operating income13,40820,49133,90442,07149,152
Pretax income18,00026,48535,03540,72247,449
Income tax8,0198,2489,06011,48912,702
Net income attributable to owners9,58917,62124,89028,26633,581
Operating margin5.2%7.9%11.2%13.4%14.8%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

2%
Property, plant and equipment 62%
1%
7%
Other assets 28%

Funding

1%
Interest-bearing debt 41%
Other liabilities 20%
Equity 38%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥20.3B¥16.7B¥22.8B¥13.8B¥14.7B
Total assets¥737.3B¥774.8B¥820.2B¥859.9B¥909.5B
Net assets¥255.9B¥273.5B¥304.8B¥314.5B¥349.6B
Share capital¥51.5B¥51.5B¥51.5B¥51.5B¥51.5B
Property, plant and equipment¥481.7B¥486.6B¥502.5B¥538.3B¥564.1B
Intangible assets excluding goodwill¥7.22B¥7.48B¥8.11B¥8.55B¥8.24B
Investment securities¥42B¥45.1B¥50.2B¥56B¥63.7B
Current assets¥186.8B¥217B¥240.6B¥235.3B¥251B
Current liabilities¥127.5B¥148.8B¥175.2B¥182.8B¥179.6B
Trade payables¥10B¥10.1B¥11B¥10.1B¥8.32B
Short-term borrowings¥60.3B¥53.6B¥77.7B¥62.4B¥74.5B
Long-term borrowings¥175B¥188B¥170.6B¥188.8B¥208.3B
Bonds¥100B¥80B¥90B¥90B¥90B
Interest-bearing debt¥335.3Bderived¥321.6Bderived¥338.3Bderived¥341.2Bderived¥372.8Bderived
Total liabilities¥481.4B¥501.3B¥515.4B¥545.4B¥560B
Non-controlling interests¥4.51B¥5.14B¥6.23B¥7.17B¥8.36B
Equity attributable to owners of parent¥210.6B¥225.7B¥248.2B¥255.1B¥282.3B
Retained earnings¥152B¥167B¥189.4B¥213.9B¥237.9B
Treasury stock-¥21.6B-¥21.6B-¥21.5B-¥39B-¥19.9B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第104期(2025/04/01－2026/03/31)

    ID S100YCVR2026-06-18Open

  • EDINET (FSA Japan)

    有価証券報告書－第103期(2024/04/01－2025/03/31)

    ID S100VYHN2025-06-17Open

  • EDINET (FSA Japan)

    有価証券報告書－第102期(2023/04/01－2024/03/31)

    ID S100TMV22024-06-19Open

  • EDINET (FSA Japan)

    有価証券報告書－第101期(2022/04/01－2023/03/31)

    ID S100QZ052023-06-20Open

  • EDINET (FSA Japan)

    有価証券報告書－第100期(令和3年4月1日－令和4年3月31日)

    ID S100OAEC2022-06-21Open

  • EDINET (FSA Japan)

    有価証券報告書－第99期(令和2年4月1日－令和3年3月31日)

    ID S100LKI92021-06-18Open

Extracted from XBRL: 52 / Derived from other figures: 2

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